Vicon Holdings Limited (3878) AI Stock Analysis

Vicon Holdings Limited

(HKEX:3878)

Select Model

Rating:61Neutral

Price Target:HKD 0.20▲(5.35% Upside)

Action:reiterated

Date:08/04/26

The score is primarily supported by low financial leverage and improved profitability with strong recent cash generation. Offsetting this, 2026 showed weakening operating momentum (revenue decline and margin compression), while technical indicators are neutral-to-soft and valuation (P/E ~24.8) appears elevated given thin margins and recent top-line contraction.

Positive Factors

Low leverageMinimal debt reduces financial risk and preserves flexibility to fund operations or pursue growth without substantial interest burdens. This conservative capital structure provides resilience if business conditions weaken and gives management more options over the next several quarters.

Negative Factors

Revenue contractionA recent revenue decline signals weakening operating momentum and can make fixed costs harder to absorb. Sustained contraction would reduce the scale available to support investment and could undermine the profitability turnaround if demand does not recover over coming quarters.

Vicon Holdings Limited (3878) vs. iShares MSCI Hong Kong ETF (EWH)

Market Cap: HKD 89.69M
Dividend Yield: ―
Average Volume (3M): 228.05K
Price to Earnings (P/E): 19.9
Beta (1Y): -0.09
Revenue Growth: -22.11%
EPS Growth: -6.93%
Country: Hong Kong
Employees: 21
Sector: Industrials
Sector Strength: 63
Industry: Engineering & Construction

Vicon Holdings Limited Business Overview & Revenue Model

Company Description

Vicon Holdings Limited operates as an investment holding entity primarily offering foundation and related construction services across Hong Kong. The company undertakes a diverse range of foundation projects, encompassing tasks such as piling, excava...

Vicon Holdings Limited Financial Statement Overview

Summary

Financial quality is supported by a conservative balance sheet (very low leverage) and strong 2026 cash generation, but operating performance remains mixed: 2026 revenue declined (-7.9%) and margins compressed materially (gross margin ~6%), leaving thin profitability and limited cushion despite the turnaround to consistent profits since 2023.

Income Statement

56Neutral

Balance Sheet

82Very Positive

Cash Flow

74Positive

Financial statement breakdown
Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	236.72M	236.72M	303.92M	486.64M	417.04M	156.59M
Gross Profit	14.20M	14.20M	20.62M	43.95M	43.58M	33.16M
EBITDA	12.21M	10.17M	15.56M	17.43M	13.12M	-5.10M
Net Income	4.50M	4.50M	4.83M	8.27M	2.39M	-24.56M
Balance Sheet
Total Assets	332.32M	332.32M	324.41M	308.42M	338.93M	335.19M
Cash, Cash Equivalents and Short-Term Investments	148.59M	148.59M	60.41M	39.48M	18.63M	25.48M
Total Debt	85.00K	85.00K	8.50M	8.78M	11.02M	23.29M
Total Liabilities	56.49M	56.49M	53.09M	41.93M	80.71M	79.36M
Stockholders Equity	275.82M	275.82M	271.32M	266.49M	258.22M	255.83M
Cash Flow
Free Cash Flow	90.19M	90.19M	8.03M	38.50M	-17.77M	29.14M
Operating Cash Flow	92.87M	92.87M	10.75M	39.72M	-14.51M	34.44M
Investing Cash Flow	-74.71M	-74.71M	-14.04M	-19.83M	22.89M	30.29M
Financing Cash Flow	-8.43M	-8.43M	-1.92M	-2.89M	-15.22M	-53.87M

Vicon Holdings Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price0.19

Price Trends

50DMA0.20Negative

100DMA0.21Negative

200DMA0.22Negative

Market Momentum

MACD-0.00Negative

RSI39.97Neutral

STOCH63.70Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3878, the sentiment is Negative. The current price of 0.19 is below the 20-day moving average (MA) of 0.20, below the 50-day MA of 0.20, and below the 200-day MA of 0.22, indicating a bearish trend. The MACD of -0.00 indicates Negative momentum. The RSI at 39.97 is Neutral, neither overbought nor oversold. The STOCH value of 63.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3878.

Vicon Holdings Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

HK:3878 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HK:3822	74Outperform	HKD 91.98M	1.63	10.81%	10.96%	-5.20%	420.03%
Sector *	63Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
HK:3878	61Neutral	HKD 89.69M	19.89	1.63%	―	-22.11%	-6.93%
HK:1459	54Neutral	HKD 106.67M	-1.20	-4.67%	―	-10.46%	-582.88%
HK:1413	46Neutral	HKD 102.34M	-1.15	-26.71%	―	-51.29%	43.87%
HK:6816	43Neutral	HKD 161.60M	-1.06	848.01%	―	-25.29%	7.74%

* Industrials Sector Average

Performance Comparison

HK:3878 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
HK:3878	Vicon Holdings Limited	0.19	-0.01	-6.50%
HK:1413	Kwong Luen Engineering Holdings Limited	0.21	-0.20	-48.77%
HK:1459	Jujiang Construction Group Co., Ltd. Class H	0.20	-0.07	-24.53%
HK:3822	Sam Woo Construction Group Ltd.	1.09	0.34	46.00%
HK:6816	Prosper Construction Holdings Limited	0.20	0.00	1.00%

Vicon Holdings Limited Corporate Events

Vicon Holdings Shareholders Approve All AGM Resolutions and Capital Mandates

Sep 10, 2026

Vicon Holdings Limited reported that all resolutions proposed at its annual general meeting on 10 September 2026 were approved by shareholders through poll voting, with 159,113,085 shares cast in favour and none against each item. The AGM decisions c...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 04, 2026

Vicon Holdings Limited AI Stock Analysis